Auriga Cyber Ventures II Raises €80 Million Toward €100 Million

By Daniel Okafor

Auriga Cyber Ventures II has reached an €80 million interim close, putting the second dedicated cybersecurity fund at approximately 80% of its €100 million target.

Auriga said it will continue fundraising toward the final target while deploying capital into early-stage cybersecurity companies. The remaining distance is about €20 million. The vehicle will back European cybersecurity companies from pre-seed through Series A.

What will Auriga Cyber Ventures II fund?

Auriga says the fund will support European cybersecurity founders from the earliest stages of company formation, including pre-seed companies, and through Series A expansion. Its mandate spans pre-seed through Series A. The firm also intends to help companies move from initial product development toward broader commercialization.

The stated range links newly formed companies with businesses beginning to scale. Auriga said it will use its longstanding cybersecurity experience and network to identify founders within that range. That investing history predates the formal launch of Auriga Cyber Ventures.

What is behind Auriga's cybersecurity record?

Auriga dates its cybersecurity investing to 1998, before the formal launch of Auriga Cyber Ventures. Prior investments associated with Auriga Partners include WALLIX Group, Vade and Nexthink. Vade was acquired by Hornetsecurity.

According to Auriga, earlier investments associated with Auriga Partners generated more than €500 million in returns to limited partners during 2025 and 2026. The figure does not describe a return generated by Auriga Cyber Ventures II, which has already made four investments.

Auriga's first dedicated cybersecurity vehicle made 25 investments. The second fund follows that vehicle with four investments already made. The 25-investment count provides context for the breadth of Auriga's dedicated cyber activity. It does not specify how many more deals Fund II will make.

Who is supporting the second fund?

More than 120 investors support Auriga's cybersecurity investment platform. Auriga said the group combines returning backers with new investors participating in the second vehicle. The 120-investor count applies to the platform rather than a disclosed total for Fund II.

That distinction separates breadth of support from the amount raised at the interim close. The platform has more than 120 supporters. Fund II has reached €80 million against its €100 million target. Auriga did not specify how many platform investors also backed Fund II.

The second vehicle draws on both returning backers and new investors. Fund II's initial portfolio includes Finovox, Fleuret AI and two companies operating in stealth mode. Auriga has named two holdings and left two undisclosed. The statement gives no product or stage details for the two stealth companies.

The four investments provide the first measurable sign of deployment from the interim close. They also establish the starting portfolio against which Fund II's broader investment activity will develop.

Why is Auriga using a dedicated fund?

Auriga describes cybersecurity as an increasingly important area of European technology investment. It links that growth to the expansion of cloud computing, artificial intelligence, digital infrastructure and increasingly sophisticated security threats.

The dedicated vehicle concentrates capital on that thesis. Auriga wants to use its longstanding sector experience and network to find founders from pre-seed through Series A. It then plans to support those companies as they move from initial product development toward broader commercialization.

Auriga's rationale combines a broad market driver with a defined entry range. Cloud computing, artificial intelligence, digital infrastructure and security threats form the investment case. Pre-seed through Series A determines which company stage the fund can back.

The next fundraising milestone is about €20 million. The next operating milestone is continued deployment into pre-seed and Series A companies while the close proceeds. The key test is whether Auriga can close the gap and sustain deployment across the range it has set.